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How to Retain Your Accounting Staff in an Improving Economy

  William K. Thorpe, Partner, CFO Edge, LLC  
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  Article Summary  
A potential downside of the rebounding economy is higher staff turnover, including higher accounting staff turnover.

As more companies move into a hiring mode, your accounting staff may be tempted to see if the "grass is greener" among the growing number of job opportunities. Or other companies may try to hire your team members away from you.

Employee turnover in your accounting staff can be costly as it can easily run into thousands of dollars to recruit and train replacements.

This article suggests five proactive steps to take to retain your accounting staff. Areas addressed include cross-training, skill set growth opportunities, career path opportunities, gauging discontentment, and pay scales.

Also reviewed are elements of the plan to have in place for when accounting staff turnover does occur.

Accounting staff turnover cannot be completely eliminated, but you can take a number of proactive steps to keep turnover to a minimum.

In support of your retention efforts, you may be interested in talking with an outsourced CFO services provider experienced in creating and implementing accounting staff retention plans.

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